Method and system for providing real estate information

ABSTRACT

An interactive, computer-implemented system for providing a comparison of at least two real estate properties is provided. The system includes a database that stores a plurality of data relating to real estate properties. The data includes at least one of address data, ownership data, size data, geographic location data and monetary value data. An interface system enables a system user to input a request for a comparison of at least a portion of the data for at least two of the real estate properties. The request includes information sufficient to identify the real estate properties to be compared. A processor uses the information to obtain a comparison of the data relating to the real estate properties. A delivery system provides to the system user a comparison of the data relating to the real estate properties.

CROSS-REFERRENCE TO RELATED APPLICATION

[0001] This application claims priority to, and the benefit of, U.S.Provisional patent Application No. 60/221,334, filed Jul. 26, 2000,which is hereby incorporated by reference.

FIELD OF THE INVENTION

[0002] The present invention relates generally to a system for providingreal estate information, and more particularly, to a novel system forproviding real estate information, available in a very short period oftime, to any computer having access to a computer communication network.

BACKGROUND

[0003] The real estate industry lacks ready access to current marketinformation required to make important decisions, such as whether toacquire, dispose of develop, lend on, or invest in, a particularproperty. Current market data generally is provided through fiveprincipal sources: commercial real estate brokerage firms with researchcapabilities; public and private data gatherers engaged in compilingsecondary source statistics; regional and national market research firmsthat provide generalized market overviews and expensive custom studies;specialized reporting services that provide specific information, suchas sales activity, permit activity and the like; and appraisers.

[0004] The information provided by these sources suffers from a varietyof flaws. Often, the information is too generalized, comparingirrelevant or unnecessary market factors or property features. Further,the data is generally updated only on a periodic basis, greatly reducingaccuracy of measurement of current market conditions. Also, the datadelivered can be subjective, reflecting agendas or viewpoints of thedata supplier.

[0005] Further, data suppliers may treat the market for data as asingle, homogeneous entity, rather than focusing on user segments. Usersegments are divisions of the commercial real estate industry that sharecommon needs characteristics. User segments may be defined by a varietyof industry needs based on, for example, loan underwriting, appraisals,management, brokerage and acquisitions. By ignoring market segmentdistinctions, data suppliers may fail to provide reliable and accurateinformation regarding a user's specific needs relating to a property orproperties.

[0006] Highly specific, reliable data is principally available onlythrough high-cost, time- consuming custom studies. Institutionalinvestors, developers, equity sources, lenders and securitiesunderwriters often must rely on such expensive, custom studies to obtainreliable information.

[0007] Accordingly, a need exists for a real estate market informationsource that provides accurate, current real estate market informationthat is readily accessible.

BRIEF DESCRIPTION OF THE DRAWINGS

[0008] A description of embodiments of the invention will be made withreference to the accompanying drawings, wherein like numerals designatecorresponding parts on the several figures, and wherein:

[0009]FIG. 1 is a block diagram of a system according to an exemplaryembodiment of the invention;

[0010]FIG. 2 illustrates a process for calculating a physical qualityrating of a real estate property according to an embodiment of theinvention;

[0011]FIG. 3 illustrates a process for calculating a physical qualityrating of a real estate property according to another embodiment of theinvention;

[0012]FIG. 4 illustrates a process for calculating a physical qualityrating of a real estate property according to another embodiment of theinvention;

[0013]FIG. 5 illustrates a process for calculating a location qualityrating of a real estate property according to an embodiment of theinvention;

[0014]FIG. 6 illustrates a process for calculating a location qualityrating of a real estate property according to another embodiment of theinvention;

[0015]FIG. 7 illustrates a process for calculating a location qualityrating of a real estate property according to another embodiment of theinvention;

[0016]FIG. 8 illustrates a process for calculating a market standardvalue for a real estate property according to an embodiment of theinvention;

[0017]FIG. 9 illustrates a process for using the system of the presentinvention;

[0018]FIG. 10 is a representation of a screen display of a real estateproperty comparison report according to an embodiment of the invention;and

[0019]FIG. 11 is a representation of a screen display of a real estateproperty detail report according to an embodiment of the invention.

DETAILED DESCRIPTION OF EMBODIMENTS

[0020] Systems and methods in accordance with various aspects of thepresent invention provide for the timely creation, compilation, anddelivery of real estate information using a computer interface incommunication with a computer network. In this regard, the presentinvention may be described herein in terms of functional blockcomponents, standard symbology, network diagrams, and various processingsteps. It should be appreciated that such functional blocks may berealized by any number of hardware and/or software components configuredto perform the specified functions. In addition, those skilled in theart will appreciate that the present invention may be practiced in anynumber of data communication contexts and that the various systemsdescribed herein are merely exemplary applications for various aspectsof the invention. Further, it should be noted that the present inventionmay employ any number of conventional techniques for data transmission,signal processing and conditioning, and the like. Such generaltechniques that are known to those skilled in the art are not describedin detail herein.

I. System Overview

[0021]FIG. 1 depicts an exemplary system in which the primary elementsof the invention are shown. In this system, a host system 10 exchangesdata with at least one interface system 12, such as remote terminal,having a display device 17, such as a computer monitor. Host system 10exchanges data with interface system 12 through a network 18 across datatransmission links 13. Data transmission on the host end utilizes a hostgateway which interfaces the whole system to the network with a protocolunderstood by an interface system (or intermediary equipment connectedthereto). For example, if the network is the Internet, transmissioncontrol protocol/Internet protocol (TCP/IP) typically is used. In FIG.1, three interface systems 12 are illustrated. However, these numbersare only by way of example. In actual implementation, the systemaccording to the invention utilizes a network, such as the Internet,that can be accessed by any number of users that desire real estatemarket information.

[0022] In an exemplary embodiment, host system 10 comprises a realestate database 14 which stores data relating to properties, such assingle-family homes, apartments, and commercial properties, includingindustrial offices, shopping centers, mobile home parks, travel trailerresorts, mini-storage facilities and unimproved development sites,available for sale or rent. The database is used for the searching,compilation and delivering of relevant property information to usersinquiring about the information. Real estate database 14 may includeexisting databases of information, may acquire information from otherdatabases via an internet link, may retrieve information from compactdisks, optical disks or any other storage medium, or may use any othermeans for acquiring data. In one embodiment of the invention, hostsystem 10 may include an input system 11. Input system 11 is configuredto permit the manual input of information into real estate database 14.Input system 11 may be used by a real estate property evaluator or otherdata input processor to input real estate data on a daily, weekly ormonthly basis, or at any other regular interval. In this manner, realestate database 14 may be updated on a regular and frequent basis toprovide to system users timely and accurate data regarding a real estateproperty or properties. For example, if a real estate property suffersfrom damage due to fire, flood, winds, vandalism or the like, a realestate property evaluator may be able to evaluate the property and havethe evaluation data available to system users via host system 10 on theday or week following the damage.

[0023] Host system 10 also includes a subscriber account database 16which stores a list of paying subscribers of the system. Input system 11may be used to manually input into subscriber account database 16records of new subscribers or updated account information of existingsubscribers. Alternatively, new subscribers may subscribe to use thesystem via interface systems 12. In an exemplary embodiment, chargingfor the use of the system is based upon the active status of subscriberaccounts stored in subscriber account database 16. It will beappreciated that any known revenue model for charging subscribers orother users of the system for information available from the system iscontemplated in the present invention.

[0024] Host system further includes a central processing unit (CPU) 15which processes inquiries from system users, interrogates the subscriberaccount database 16 to determine if a user is an active subscriber ingood standing, searches real estate database 14 based on user inquiries,and facilitates delivery of responsive information to users. CPU 15 mayinstruct host system 10 to calculate or acquire any of the webpages,data or information discussed below.

[0025] In general, and as detailed further below, a system user utilizessuitable software residing on, or temporarily provided within, interfacesystem 12 to access and request from host system 10 information relatingto a particular real estate property, information comparing real estateproperties, and/or information relating to real estate marketconditions. The software may include, for example, a web browser, ormight include stand-alone client software. The user, acting through auser interface provided by the software residing on the interface system12, communicates with host system 10 through data transmission links 13to request the desired information. Host system 10 processes the user'srequest and searches the database for the information desired. Hostsystem 10 then transmits the requested information to the user viainterface system 12 over data transmission links 13.

[0026] Having thus given an overview of the present system, the variouscomponents will now be described in detail, followed by a description ofan exemplary manner of operation.

[0027] A. Interface Systems

[0028] Interface system 12 may include any convenient combination ofhardware and software components configured to allow a user tocommunicate with host system 10, and to request and receive desired realestate information from host system 10. For example, interface system 12may include a standard personal computer (PC) comprising a CPU, monitor,storage, keyboard, 9 mouse, and communication hardware appropriate forthe data transmission links 13 (e.g., V.90 modem, network card, cablemodem, etc.).

[0029] Interface system 12 also preferably includes application softwareconfigured to communicate over data transmission links 13, for example,a WWW browser such as Netscape Navigator®, Microsoft Internet Explorer®,or any other present or future communication software which operates inaccordance with the HTML or HTTP protocols. As will be appreciated,interface system 12 will typically include an operating system (e.g.,Windows 95/98/2000, Linux, Solaris, etc.) as well as variousconventional support software and drivers typically associated withcomputers.

[0030] In an alternative embodiment, interface system 12 is a personaldata assistant (PDA) capable of communicating with host system 10 viadata transmission links 13.

[0031] B. The Network

[0032] The interface systems 12 and the host system 18 may be connectedby network 18 which can be a public network, such as the Internet, aninteractive television (ITV) network or an intranet. As the presentinvention is best deployed in the context of a large user-base, theinterface system 12 preferably is in communication with the Internet. Asused herein, the term Internet refers to the global, packet-switchednetwork utilizing the TCP/IP suite of protocols. Nevertheless, thepresent invention may be implemented in other network contexts,including any future alternatives to the Internet, as well as othersuitable internetworks based on other open or proprietary protocols.

[0033] A variety of conventional communications media and protocols maybe used for data transmission links 13. Such links might include, forexample, a connection to an Internet Service Provider (ISP) over thelocal loop as is typically used in connection with standard modemcommunication, cable modem, Dish networks, ISDN, Digital Subscriber Line(xDSL), or various wireless communication methods. Interface system 12may also reside within a local area network (LAN) which interfaces tohost system 10 via a leased line (Tl, DS3, etc.). Such communicationmethods are well known in the art and are covered in a variety of texts.See, e.g., Gilbert Held, Understanding Data Communications (1996),hereby incorporated by reference.

[0034] Specific information related to the protocols, standards, andapplication software utilized by and in connection with the Internetwill not be discussed herein. For further information regarding suchdetails, see, for example, Dilip Naik, Internet Standards and Protocols(1998); Java 2 Complete, various authors (Sybex 1999); Deborah Ray andEric Ray, Mastering HTML 4.0 (1997); Loshin, TCP/IP Clearly Explained(1997). All of these texts are hereby incorporated by reference.

[0035] C. The Host System

[0036] Host system 10 may include any combination of hardware, software,and networking components configured to transmit, receive and processdata to and from interface system 12. In addition, host system 10provides a suitable website or other Internet-based graphical userinterface which is accessible by an interface system user. The termwebsite as it is used herein is not meant to limit the type of documentsand applications that might be used to interact with a user of aninterface system. For example, a typical website might include, inaddition to standard HTML documents, various forms, Java applets,Javascript, active server pages (AS), common gateway interface scripts(CGI), extensible markup language (XML), dynamic HTML, cascading stylesheets (CSS), helper applications, plug-ins and the like.

[0037] Real estate database 14 is a relational database comprisingvarious records relating to real estate properties and real estatemarket conditions. In an exemplary embodiment, database 14 has aplurality of records. Each record is associated with a particular realestate property and stores information relating to that property. Suchinformation may include ownership data, physical characteristics data,location characteristics data and monetary value data, such as purchasevalue data or rental rate data. By way of example, for a rentalproperty, such as an apartment complex, ownership data may include thename and address of the property owner, the name and address of theproperty management company or person, and owner contact information.Physical characteristics for an apartment complex stored in real estatedatabase 14 may include, but are not limited to: property composition,such as total number of units, number of one bedroom units, number oftwo bedroom/one bath units, etc.; the number of stories of the complexbuildings; the roof type; construction type, such as frame and/ormasonry; composition of bathroom and kitchen appliances and fixtures;type of entry, such as private, semi-private or public; whether unitshave balconies, patios, or attached or detached garages; a list ofcommon area amenities, such as swimming pools, laundry facilities,covered parking and on-location manager's office; a list of recreationalamenities, such as tennis and/or racquetball courts, clubhouse, andexercise facilities; a list of interior amenities, such as fireplaces,washer/dryer hookups and/or appliances, high speed Internet access,upgraded flooring, ceiling fans and fire sprinklers; security features,such as controlled access to the property and interior alarms; theservices provided by the complex owner, such as air conditioning,heating, hot water; utilities responsibilities of the renter, such aselectricity, sewer, trash removal and water; and site information, suchas the acreage of site, development density, number of buildings andassessors parcel numbers. Photographs of the real estate properties mayalso be stored in real estate database 14. In addition, as discussed inmore detail below, real estate database 14 may store a Physical Ratingof the real estate property that can be used to compare it to other realestate properties of the same kind, i.e., single-family homes,commercial properties, apartment complexes, and the like.

[0038] Location characteristics of a real estate property stored in realestate database 14 may include, but are not limited to: major streetexposure of the property; neighborhood environment, such as incidencesof crime or availability of local services; freeway access proximity;special location amenities, such as proximity to parks, mountains,walking, jogging or bike trails, golf courses, etc.; proximity toemployment opportunities; area employment quality, such as availabilityto high-paying business employment or low-paying or heavy industryemployment; proximity to and quality of shopping and entertainment;access to property, such as whether there is more than one entry orwhether the property is proximate to a heavy volume of traffic;household income of surrounding area, such as whether property islocated in an area that is higher or lower than the metropolitan areamedian income; availability of public transportation; and ease of accessto property. In addition, as discussed in greater detail below, realestate database 14 may store a Location Rating for a real estateproperty that can be used to compare it to other real estate propertiesof the same kind.

[0039] Monetary value characteristics of a real estate property storedin real estate database 14 may include prior sales history and currentvalue of property. For example, if the real estate property is anapartment complex, real estate database 14 may store rental informationsuch as actual rental rates based on the size of the apartment units,and rental history based on the size of the apartment units. Inaddition, as discussed in greater detail below, real estate database 14may store Market Standard Values for a real estate property that can beused to compare it to other properties of the same kind. For example, ifthe real estate property is an apartment complex, real estate database14 may store market rental rates, in addition to actual rental rates,for a more accurate comparison of apartment complex properties.

[0040] In one exemplary embodiment of the invention, host system 10 mayalso include a subscriber account database 16 which is a relationaldatabase that stores information regarding subscribers to the system ofthe present invention. In an exemplary embodiment, subscriber accountdatabase 16 has a plurality of records, each of which is associated witha subscriber. Each record may store the name, billing address, activitystatus and account history of the subscriber. The subscriber maysubscribe based on a time schedule, such as annually or monthly, maysubscribe based on the information desired, such as by subscribing onlyto specific property information or market-related information, or maysubscribe on a one-time basis. It will be appreciated that any knownrevenue model for charging subscribers or other system users iscontemplated in the present invention.

[0041] Host system 10 further includes a central processing unit (CPU)15 which processes inquiries from system users, interrogates thesubscriber account database 16 to determine if a user is an activesubscriber in good standing, searches and compiles real estate database14 based on user inquiries, and facilitates delivery of responsiveinformation to users. CPU 15 may instruct host system 10 to calculate oracquire any of the webpages, data or information discussed below.

[0042] The systems of the present invention may also include a hostserver or other computer systems including a processor for processingdigital data, a memory coupled to said processor for storing digitaldata, an input digitizer coupled to the processor for inputting digitaldata, an application program stored in the memory and accessible by saidprocessor for directing processing of digital data by said processor,and a display coupled to the processor and memory for displayinginformation derived from digital data processed by said processor. Thedatabases of the present invention may be any type of database, such asrelational, hierarchical, object-oriented, and/or the like. Commondatabase products that may be used to implement real estate database 14and subscriber database 16 include DB2 by IBM (White Plains, N. Y.), anyof the database products available from Oracle Corporation (RedwoodShores, Calif.), Microsoft Access by Microsoft Corporation (Redmond,Wash.), or any other database product. The databases may be organized inany suitable manner, including as data tables or lookup tables.

[0043] Association of certain data may be accomplished through any dataassociation technique known and practiced in the art. For example, theassociation may be accomplished either manually or automatically.Automatic association techniques may include, for example, a databasesearch, a database merge, GREP, AGREP, SQL, and/or the like.

[0044] II. Physical Rating

[0045] In an exemplary embodiment, the system of the present inventionmay also calculate and provide a Physical Rating (PR) of a real estateproperty that can be used to compare the physical characteristics of theproperty to those of other real estate properties of the same kind,i.e., single-family homes, commercial properties, apartment complexes,and the like. Alternatively, the PR may be calculated manually or byanother processing device and stored in real estate database 14. The PRis obtained from a statistical scoring model that places relative valueson physical characteristics of a subject property. FIG. 2 illustrates aprocess according to one embodiment of the invention for calculating aPR for a subject real estate property. A series of physical factorsgenerally associated with real estate properties of the type similar tothat of the subject real estate property are selected (step 20). Thefactors are then weighted according to relative importance byattributing to each physical factor a weight indicator, which has anumerical representation (step 22). Each of the physical factors is thenevaluated for the subject property (step 24) and is given a factor score(step 26). A total weighted score is then calculated based on the factorscores and the weight indicators for each physical factor (step 27). ThePR is then calculated based on the total weighted score and a sum of theweight indicators (step 28).

[0046] In particular, in one embodiment of the present invention asillustrated in FIG. 3, the PR for a subject property may be calculatedas follows. A plurality of physical factors generally associated withreal estate properties of the type similar to that of the subject realestate property are selected (step 30). If the subject property is anapartment complex, for example, the following physical factors may beselected for evaluation: the extent of architectural interest;construction quality; the existence and type of balconies or patios; theentry type; the existence of interior amenities, such as fireplaces andwashers and dryers; unit mix, i.e., the unit types available, the unitsizes and the proportion of unit types; the availability and types ofparking; the availability and types of recreational amenities; the rooftype; the number of stories; the development density; and theavailability and type of security. It will be appreciated that any othersuitable physical factors may also be selected for evaluation. Thephysical factors are then divided into sets according to similarimportance and desirability (step 31). For example, the above physicalfactors may be divided into two sets. The first set may comprise theextent of architectural interest; construction quality; the existenceand type of balconies or patios; the entry type; the existence ofinterior amenities, such as fireplaces and washers and dryers; unit mix,i.e., the unit types available, the unit sizes and the proportion ofunit types; the availability and types of parking; and the availabilityand types of recreational amenities. The second set may comprise theroof type; the number of stories; the development density; and theavailability and type of security. The sets of physical factors may thenbe attributed a weight indicator depending on relative importance anddesirability (set 32). For example, each physical factor of the firstset may be attributed a weight indicator of 2 and each physical factorof the second set may be attributed a weight indicator of one.

[0047] Each physical factor is then evaluated manually by a humanevaluator and is given a factor score based on a graded scale, forexample, from a scale of 0 to 10, 0 to 100, or the like (step 33). Thefactor scores for each set are then summed to obtain a total score foreach set (step 34). The total scores for each set are then divided bythe number of physical factors in the respective sets to obtain anaverage score for each set (step 35). For example, the total score forthe first set may be divided by 8 and the total score for the second setmay be divided by 4. The average score for each set is then multipliedby the weight indicator of the respective set to obtain a weighted scorefor each set (step 36). For example, using the above example forweighted indicators, the average score of the first set may bemultiplied by two and the average score for the second set may bemultiplied by one. The weighted scores are then added to obtain a gradedindex, referred to herein as a total weighted score (step 37). The totalweighted score is then divided by the sum of the weight indicators toobtain the PR (step 38).

[0048] It will be appreciated that the steps of the process illustratedin FIG. 3 may be modified or reordered while still calculating the PR ofthe present invention. For example, in another embodiment of the presentinvention, as illustrated in FIG. 4, a PR for a subject property may becalculated as follows: A plurality of physical factors generallyassociated with real estate properties of the type similar to that ofthe subject real estate property are selected (step 40). Each physicalfactor is attributed a weight indicator based on importance anddesirability of the physical factor (step 41). Each physical factor isthen evaluated and given a factor score (step 42). Each factor score foreach physical factor is multiplied by the weight indicator for thatphysical factor to obtain a weighted score for each physical factor(step 43). The physical factors may then be divided into sets accordingto weight indicators, that is, each set will comprise physical factorsto which have been attributed the same weight indicators (step 44).Accordingly, each set will be represented by a weight indicator of thephysical factors within that set. The weighted scores for the physicalfactors in a set are then added to obtain a total score for each set(step 45). The total scores for each set are then divided by the numberof physical factors in the sets to obtain an average score for each set(step 46). The average scores are added together to obtain a totalweighted score (step 47). The total weighted score is then divided bythe sum of the weight indicators of each set to obtain the PR of thesubject property (step 48).

[0049] The process shown FIG. 3 will now be illustrated by way ofexample. If the subject property is an apartment complex, an evaluatormay give each of the following physical factors the following factorscores: Factor Score Physical Factor in Set 1 Architectural Interest 8Construction Quality 7 Balconies/Patio 6 Entry Type 8 Interior Amenities9 Unit Mix 7 Parking 5 Recreational Amenities 6 Physical Factors in Set2 Roof Type 8 Number of Stories 9 Development Density 7 Security 6

[0050] The physical factors are divided into two sets, the first setbeing attributed a weight indicator of 2 and the second set beingattributed a weight indicator of 1. Accordingly, the total score for set1 is 56 and the total score for set 2 is 30. The average score for set 1is calculated by the equation:

[0051] Average Score=total score of set /number of physical factors inset, or Average Score=56/8=7.

[0052] The average score for set 2 is calculated similarly to obtain anAverage Score of 7.5 The weighted score of set 1 is calculated by theequation:

[0053] Weighted Score=Average Score * Weight Indicator, or WeightedScore=7^(*) 2=14.

[0054] The weighted score of set 2 is calculated similarly to obtain aweighted score of 7.5.

[0055] A total weighted score is then calculated by adding the weightedscores of the sets. In this example, the total weighted score is 21.5.The PR is then calculated according to the equation:

[0056] PR=Total Weighted Scoreσ weight indicators, or PR=21.5/3=7.16.

[0057] This PR may then be compared to the PR of other apartmentcomplexes to obtain a more accurate comparison of the complexes.Alternatively, the PR may then be converted to an alphabetic grade,which is then compared with the alphabetic grade of other similar typeproperties. For example, for PRs that may range from 0 to 10, thefollowing alphabetic grades may be assigned: PR Grade 9.5-10.0 A+8.5-9.49 A 7.5-8.49 A− 6.5-7.49 B+ 5.5-6.49 B 4.5-5.49 B− 3.5-4.49 C+2.5-3.49 C 1.5-2.49 C−   0-1.49 D

[0058] In this manner, the physical characteristics of properties caneasily and quickly be compared by an easy to understand ratingindicator. m. Location Rating The system of the present invention mayalso calculate and provide a Location Rating (LR) of a real estateproperty that can be used to compare the location characteristics of theproperty to those of other real estate properties of the same kind,i.e., single-family homes, commercial properties, apartment complexes,and the like. The LR is obtained from a statistical scoring model,mathematically similar to that used to calculate the PR of the property,that places relative values on location characteristics of a subjectproperty.

[0059]FIG. 5 illustrates a process according to one embodiment of theinvention for calculating an LR for a subject real estate property. Aseries of location factors generally associated with real estateproperties of the type similar to that of the subject real estateproperty are selected (step 50). The factors are then weighted accordingto relative importance by attributing to each location factor a weightindicator, which has a numerical representation (step 51). Each of thelocation factors is then evaluated for the subject property (step 52)and is given a factor score (step 53). A total weighted score is thencalculated based on the factor scores and the weight indicators for eachphysical factor (step 54). The LR is then calculated based on the totalweighted score and a sum of the weight indicators (step 55). The LR maybe calculated by host system 10, or, alternatively, manually or byanother processing device, and subsequently stored in real estatedatabase 14.

[0060] In particular, in one embodiment of the present invention asillustrated in FIG. 6, the LR for a subject property may be calculatedas follows. A plurality of location factors generally associated withreal estate properties of the type similar to that of the subject realestate property are selected (step 60). For example, the followinglocation factors may be selected for evaluation: major street exposure,neighborhood environment; freeway access proximity; special locationamenities; employment proximity; area employment quality; shopping andentertainment proximity; property access; household income ofsurrounding area; public transportation availability; shopping andentertainment quality; and area access rating. It will be appreciatedthat any other suitable location factors may also be selected forevaluation. The location factors are then divided into sets according tosimilar importance and desirability (step 61). For example, the abovelocation factors may be divided into three sets. The first set maycomprise major street exposure, neighborhood environment, freeway accessproximity, special location amenities, employment proximity, and areaemployment quality. The second set may comprise shopping andentertainment proximity, and property access. The third set may comprisehousehold income of surrounding area, public transportationavailability, shopping and entertainment quality and area access. Thesets of location factors may then be attributed a weight indicatordepending on relative importance and desirability (step 62). Forexample, each location factor of the first set may be attributed aweight indicator of 3, each location factor of the second set may beattributed a weight indicator of 2, and each location factor of thethird set may be attributed a weight indicator of 1.

[0061] Each location factor is then evaluated manually by a humanevaluator and is given a factor score based on a graded scale, forexample, from a scale of 0 to 10, 0 to 100, and the like (step 63). Thefactor scores for each set are then summed to obtain a total score foreach set (step 64). The total scores for each set are then divided bythe number of location factors in the respective sets to obtain anaverage score for each set (step 65). For example, the total score forthe first set may be divided by 6, the total score for the second setmay be divided by 3, and the total score for the third set may bedivided by 4. The average score for each set is the multiplied by theweight indicator of the respective set to obtain a weighted score foreach set (step 66). For example, the average score of the first set maybe multiplied by 3, the average score for the second set may bemultiplied by 2, and the average score for the third set may bemultiplied by 1. The weighted scores are then added to obtain a totalweighted score (step 67). The total weighted score is then divided bythe sum of the weight indicators to obtain the LR (step 68).

[0062] It will be appreciated that the steps of the process illustratedin FIG. 6 may be modified or reordered to calculate the LR of thepresent invention. For example, in another embodiment of the presentinvention, as illustrated in FIG.7, a LR for a subject property may becalculated as follows: A plurality of location factors generallyassociated with real estate properties of the type similar to that ofthe subject real estate property are selected (step 70). Each locationfactor is attributed a weight indicator based on importance anddesirability of the location factor (step 71). Each location factor isthen evaluated and given a factor score (step 72). Each factor score foreach location factor is multiplied by the weight indicator for thatlocation factor to obtain a weighted score for each location factor(step 73). The location factors may then be divided into sets accordingto weight indicators, that is, each set will comprise location factorsto which have been attributed the same weight indicators (step 74).Accordingly, each set will be represented by a weight indicator of thelocation factors within that set. The weighted scores for the locationfactors in a set are then added to obtain a total score for each set(step 75). The total scores for each set are then divided by the numberof location factors in the sets to obtain an average score for each set(step 76). The average scores are added together to obtain a totalweighted score (step 77). The total weighted score is then divided bythe sum of the weight indicators of each set to obtain the LR of thesubject property (step 78).

[0063] The process shown FIG. 6 will now be illustrated by way ofexample. An evaluator may give each of the following location factorsthe following factor scores: Factor Score Location Factor in Set 1 MajorStreet Exposure 5 Neighborhood Environment 7 Freeway Access Proximity 6Special Location Amenities 2 Employment Proximity 7 Area EmploymentQuality 5 Location Factors in Set 2 Shopping and Entertainment Proximity3 Property Access 7 Location Factors in Set 3 Household Income 5 PublicTransportation Availability 8 Shopping and Entertainment Quality 4 AreaAccess Rating 7

[0064] The location factors are divided into three sets, the first beingattributed a weight indicator of 3, the second set being attributed aweight indicator of 2, and the third set being attributed a weightindicator of 1. The total score for set 1 is 32, the total score for set2 is 10and the total score for set 3 is 24. The average score for set 1is calculated by the equation:

[0065] Average Score=total score of set /number of location factors inset, or Average Score=32/6=5.33.

[0066] The average score for set 2 is calculated similarly to obtain anaverage score of 5 and the average score for set 3 is calculatedsimilarly to obtain an average score of 6.

[0067] The weighted score of set 1 is calculated by the equation:

[0068] Weighted Score=Average Score * Weight Indicator, or

[0069] Weighted Score=5.33 ^(* 3) =15.99.

[0070] The weighted score of set 2 is calculated similarly to obtain aweighted score of 10 and the weighted score of set 3 is 6.

[0071] A total weighted score is then calculated by adding the weightedscores of the sets. In this example, the total weighted score is 31.99.The LR is then calculated according to the equation:

[0072] LR=Total Weighted Scoreσ weight indicators, or

[0073] LR=31.99/6=5.33.

[0074] This LR may then be compared to the LR of other properties toobtain a more accurate comparison of the properties. Alternatively, theLR of a subject property may be converted to an alphabetic grade using aconversion scale similar to that described above for conversion of a PRto an alphabetic grade.

IV. Market Monetary Values

[0075] The host system 10 of present invention may also calculate and/orstore Market Standard Values (MSV) for a subject real estate propertyhaving an actual value. MSVs define an area's property value in contextwith other areas so that a more accurate comparison of the values ofproperties may be made. MSVs may represent standardized values for aproperty's sales price or rental value. As illustrated in FIG. 8, theprocess for assessing a subject property's MSV comprises selecting aplurality of value-effecting characteristics that are generallyassociated with real estate properties of the type similar to thesubject properties (step 80). Each value-effecting characteristic isthen assigned a standard monetary value, which can be either a positiveor negative value (step 81). If the subject property includes thevalue-effecting characteristic (step 82), the standard monetary value ofthe value-effecting characteristic is added to the actual value of thesubject property to obtain the MSV of the subject property (step 83).

[0076] The process shown in FIG. 8 may be illustrated according to thefollowing example for calculating an MSV which is a monthly rentalvalue, that is, calculating a market standard rent, of a three-bedroomunit of an apartment complex. Value-effecting characteristics generallyassociated with apartments in apartment complexes may include, but arenot limited to: central electric utilities metering, that is, theapartment complex pays the expense for all electric utility usage;partial electric utilities metering, such as when the apartment complexpays for air conditioning only and the residents pay the meteredelectric expense for heat, lights and plug-ins; in-unit washers anddryers; woodbuming or gas fireplaces; direct access to a unit garage;water charges paid by resident; sewer charges paid by resident; andtrash collection charges paid by resident. The monthly standard monetaryvalues for these characteristics may be defined based on the type ofunit in the apartment complex as follows: Unit Type/Number of BedroomsCharacteristic Studio 1 2 3 Central Electric Metering <$40> <$55> <$80><$90> Partial Electric Metering <$30> <$40> <$55> <$65> In-Unit Washerand Dryer <$25> <$25> <$25> <$25> Woodburning/Gas Fireplace — <$15><$15> <$15> Direct Access to Unit Garage — <$70> <$70> <$70> WaterCharges Paid by Resident $9 $10 $12 $14 Sewer Charges Paid by Resident$6  $9 $12 $14 Trash Collection Paid by Resident $3  $3  $3  $3

[0077] In this example, if the three bedroom apartment in the subjectapartment complex has an actual monthly rent of $ 1000 and has a directaccess garage, a fireplace, and a washer/dryer set and if the renter ofthe apartment is required to pay for water, sewer and trash collectioncharges, the market standard rent may be calculated as follows: ActualRent $1000  Direct Access Garage <$70> Washer and Dryer <$25> Fireplace<$15> Water Charges Paid by Resident $14 Sewer Charges Paid by Resident$14 Trash Collection Paid by Resident  $3 Market Standard Rent $921

[0078] Accordingly, the calculated Market Standard Rent of $921 for thisthree-bedroom apartment of the subject apartment complex can be comparedto the Market Standard Rent of other three bedroom apartments to moreaccurately assess such factors as the apartment's value and its incomepotential.

[0079] It will be appreciated that the above process may also be used tocalculate a Market Standard Sales Price, a Market Standard Square FootSales Price and the like.

[0080] V. Process Flow

[0081] Referring now to FIG. 9, an exemplary process in accordance withan embodiment of the present invention will now be described. It shouldbe understood that the exemplary process illustrated may include more orless steps or may be performed in the context of a larger processingscheme. Furthermore, the various flowcharts presented in the drawingfigure are not to be construed as limiting the order in which theindividual process steps may be performed.

[0082] As illustrated in FIG. 9, an interface system user accesses hostsystem 10 (step 90). In this exemplary embodiment, interface system 12and host system 10 are operatively connected to the Internet.Accordingly, the interface system user, using an interface system 12,may access a suitable website provided by host system 10. In oneexemplary embodiment, the host system 45 provides via the website atleast a first home page to the interface system user. At the home page,the interface system user may be provided a variety of options. Forexample, the interface system user may be given the option of selectinggeneral information about a geographic location, a real estate market,or the host system owner or sponsor. If the host system requires theinterface system user to be a subscriber to obtain information, theinterface system user may be given the option of entering an accountnumber or other identification number and/or password. Upon entering anaccount number or other identification number and/or password (step 91),the records of subscriber database 16 are searched to determine if theinterface system user is an active subscriber. If the interface systemuser is not a subscriber, the interface system user may be denied accessto the system. Alternatively, the interface system user may be given theoption of becoming a subscriber. It will be appreciated that any othertype of information may also be provided on the home page.

[0083] The interface system user may then be given a variety of optionsfor selecting real estate-related information. For example, theinterface system user may be given options to select the followinginformation: information about a specific property, information aboutproperties that fall within desired parameters, a list of properties ina geographic location, a list of properties owned by a particular personor entity, a list of competing properties, a list of new developments, acomparison of the monetary values of select properties, a comparison ofPRs of select properties, a comparison of LRs of select properties,property sales information, a map illustration of properties, andinformation about a sales or rental market. The interface user may alsobe given the option to select a directory that provides informationrelating to service providers specializing in a real estate industry. Ifthe interface user is interested in information about rental properties,the user may be also given the option to select vacancy historyinformation, rental rate information, rental rate comparisons, supplychanges, and the like.

[0084] Upon selecting an option (step 92), the interface system user maybe prompted to enter information sufficient for the CPU 15 to locate therequired information in the host database. For example, if the interfacesystem user is interested in obtaining a comparison of the actual rentalvalues of properties in a given geographic submarket, the interfacesystem user will be prompted to enter the desired geographic submarket(step 93). Once all required information is entered, the CPU 15 thenobtains the desired information from real estate database 14 and makesany necessary calculations. The requested information is then sent tothe interface system 12 to be displayed on display device 17 (step 94).

[0085]FIG. 10 illustrates an example of a screen display of a realestate property comparison report that may be displayed on displaydevice 17 of interface system 12 in response to a request from aninterface system user for a comparison of monthly rental rates of threebedroom/two bath apartments of a subject apartment complex and apartmentcomplexes within a certain radius of the subject apartment complex. Thescreen display may provide such information as the names of theproperties in the selected geographic location, a comparison of size insquare feet, a comparison of PRs and LRs for the properties, acomparison of actual monthly rental rates, and a comparison of marketstandard rental rates along with the basis upon which the marketstandard rental rates were calculated.

[0086]FIG. 11 illustrates another example of a screen display of aproperty detail report that may be displayed on display device 17 ofinterface system 12 in response to a request from an interface systemuser for information about a specific property. The screen display mayillustrate such information as the name and address of the property, theowner of the property, and the completion date of the property. If theproperty is a rental property, such as a commercial building orapartment complex, the screen display may also illustrate suchinformation as the composition of different types of units of theproperty, the number of the different types of units of the property,the size of the units and the actual rental rates of the units.

[0087] It will be appreciated that the above-described webpages areprovided as examples of the types of information that may be provided bythe system of the present invention and are not meant to limit thesubstance or format of information that may be provided to an interfacesystem user.

[0088] In the foregoing specification, the invention has been describedwith reference to specific embodiments. However, it will be appreciatedthat various modifications and changes can be made without departingfrom the scope of the present invention as set forth in the claimsbelow. Accordingly, the specification and figures are to be regarded inan illustrative rather than a restrictive sense, and all suchmodifications are intended to be included within the scope of thepresent invention.

[0089] Benefits, other advantages, and solutions to problems have beendescribed above with regard to specific embodiments. However, thebenefits, advantages, solutions to problems, and any element(s) that maycause any benefit, advantage, or solution to occur or become morepronounced are not to be construed as a critical, required, or essentialfeatures or elements of any or all the claims. As used herein, the terms“comprise,” “comprising,” or any other variation thereof, are intendedto cover a non-exclusive inclusion, such that a process, method,article, or apparatus that comprises a list of elements does not includeonly those elements but may include other elements not expressly listedor inherent to such process, method, article, or apparatus.

I claim:
 1. An interactive, computer-implemented system for providing acomparison of at least two of a plurality of real estate properties,said system comprising: a real estate database storing data for each ofsaid plurality of real estate properties, said data comprising at leastone of address data, ownership data, physical characteristics data, sizedata, geographic location data and monetary value data; an interfacesystem for enabling a system user to input a request for a comparison ofat least a portion of said data of said at least two of said pluralityof real estate properties, said request comprising informationsufficient to identify said at least two of said plurality of realestate properties; a processor which uses said information to obtainsaid comparison of at least a portion of said data of said at least twoof said plurality of real estate properties; and a delivery system forproviding to said system user said comparison of at least a portion ofsaid data of said at least two of said plurality of real estateproperties.
 2. The interactive, computer-implemented system of claim 1,further comprising an input system configured to permit the inputting ofreal estate property data into said database.
 3. The interactive,computer-implemented system of claim 1, further comprising a subscriberdatabase for storing data relating to subscribers to said system.
 4. Theinteractive, computer-implemented system of claim 1, wherein saidprocessor is configured to provide a physical rating for each of said atleast two of said plurality of real estate properties.
 5. Theinteractive, computer-implemented system of claim 1, wherein saidprocessor is configured to provide a location rating for each of said atleast two of said plurality of real estate properties.
 6. A method forcalculating a physical rating of a subject real estate property, saidmethod comprising: selecting a plurality of physical factors generallyassociated with real estate properties of a type similar to that of thesubject real estate property; attributing a weight indicator having anumerical representation to each of said plurality of physical factors;evaluating each of said plurality of physical factors and attributing tosaid each of said plurality of physical factors a factor score;obtaining a total weighted score based on said plurality of factorscores and; obtaining a physical rating based on said total weightedscore and a sum of said weight indicators.
 7. The method of claim 6,wherein said obtaining a total weighted score comprises: multiplyingeach factor score for each of said plurality of physical factors by saidweight indicator attributed to said each of said plurality of physicalfactors to obtain a weighted score for said each of said plurality ofphysical factors; dividing said plurality of physical factors into aplurality of sets having a number of physical factors, wherein saidweight indicators of each of said plurality of physical factors in saideach of said plurality of sets are equal; for each of said plurality ofsets, adding said weighted scores for each of said plurality of physicalfactors in said each of said sets to obtain a total score for said eachof said plurality of sets; dividing each of said total scores for eachof said plurality of sets by said number of physical factors in saideach of said plurality of sets to obtain an average score for said eachof said plurality of sets; and adding said average scores for each ofsaid plurality of sets to obtain a total weighted score.
 8. The methodof claim 7, wherein said obtaining a physical rating comprises: addingsaid weighted indicators of said plurality of sets of physical factorsto obtain a total weight indicator; and dividing said total weightedscore by said total weight indicator to obtain a physical score.
 9. Themethod of claim 6, wherein said subject real estate property is anapartment complex.
 10. The method of claim 6, wherein said subject realestate property is a single family home.
 11. The method of claim 6,wherein said subject real estate property is a commercial property. 12.The method of claim 6, further comprising converting said physicalrating to an alphabetic score.
 13. A method for calculating a physicalrating of a subject real estate property, said method comprising:selecting a plurality of physical factors generally associated with realestate properties of a type similar to that of the subject real estateproperty, said plurality of physical factors divided into sets ofphysical factors, each of said sets of physical factors having a numberof physical factors, said number comprising at least one; attributing tosaid each of said sets of physical factors a weight indicator having anumerical representation; for said each of said sets of physicalfactors, evaluating each of said plurality of physical factors for saidsubject real estate property and attributing to said each of saidplurality of physical factors a factor score to obtain a plurality offactor scores, each of said plurality of factor scores having anumerical representation based on said evaluating; for said each of saidsets of physical factors, summing said plurality of factor scores toobtain a total score; for said each of said sets of physical factors,dividing said total score by said number of physical factors in saideach of said sets of physical factors to obtain an average score; forsaid each of said sets of physical factors, multiplying said averagescore by said weight indicator to obtain a weighted score; adding saidweighted scores of said sets of physical factors to obtain a totalweighted score; adding said weighted indicators of said sets of physicalfactors to obtain a total weight indicator; and dividing said totalweighted score by said total weight indicator to obtain a physicalrating.
 14. The method of claim 13, wherein said subject real estateproperty is an apartment complex.
 15. The method of claim 13, whereinsaid subject real estate property is a single family home.
 16. Themethod of claim 13, wherein said subject real estate property is acommercial property.
 17. The method of claim 13, further comprisingconverting said physical rating to an alphabetic score.
 18. A method forcalculating a location rating of a subject real estate property, saidmethod comprising: selecting a plurality of location factors generallyassociated with real estate properties of a type similar to that of thesubject real estate property; attributing a weight indicator having anumerical representation to each of said plurality of location factors;evaluating each of said plurality of location factors and attributing tosaid each of said plurality of location factors a factor score;obtaining a total weighted score based on said plurality of factorscores and; obtaining a location rating based on said total weightedscore and a sum of said weight indicators.
 19. The method of claim 18,wherein said obtaining a total weighted score comprises: multiplyingeach factor score for each of said plurality of location factors by saidweight indicator attributed to said each of said plurality of locationfactors to obtain a weighted score for said each of said plurality oflocation factors; dividing said plurality of location factors into aplurality of sets having a number of location factors, wherein saidweight indicators of each of said plurality of location factors in saideach of said plurality of sets are equal; for each of said plurality ofsets, adding said weighted scores for each of said plurality of locationfactors in said each of said sets to obtain a total score for said eachof said plurality of sets; dividing each of said total scores for eachof said plurality of sets by said number of location factors in saideach of said plurality of sets to obtain an average score for said eachof said plurality of sets; and adding said average scores for each ofsaid plurality of sets to obtain a total weighted score.
 20. The methodof claim 19, wherein said obtaining a location rating comprises: addingsaid weighted indicators of said plurality of sets to obtain a totalweight indicator; and dividing said total weighted score by said totalweight indicator to obtain a location rating.
 21. The method of claim18, wherein said subject real estate property is an apartment complex.22. The method of claim 18, wherein said subject real estate property isa single family home.
 23. The method of claim 18, wherein said subjectreal estate property is a commercial property.
 24. The method of claim18, further comprising converting said location rating to an alphabeticscore.
 25. A method of calculating a location rating of a subject realestate property, said method comprising: selecting a plurality oflocation factors generally associated with real estate properties of atype similar to that of the subject real estate property, said pluralityof location factors divided into sets of location factors, each of saidsets of location factors having a number of location factors, saidnumber comprising at least one; attributing to said each of said sets oflocation factors a weight indicator having a numerical representation;for said each of said sets of location factors, evaluating each of saidplurality of location factors for said subject real estate property andattributing to said each of said plurality of location factors a factorscore to obtain a plurality of factor scores, each of said plurality offactor scores having a numerical representation based on saidevaluating; for said each of said sets of location factors, summing saidplurality of factor scores to obtain a total score; for said each ofsaid sets of location factors, dividing said total score by said numberof location factors in said each of said sets of location factors toobtain an average score; for said each of said sets of location factors,multiplying said average score by said weight indicator to obtain aweighted score; adding said weighted scores of said sets of locationfactors to obtain a total weighted score; adding said weightedindicators of said sets of location factors to obtain a total weightindicator; and dividing said total weighted score by said total weightindicator to obtain a location rating.
 26. The method of claim 25,wherein said subject real estate property is an apartment complex. 27.The method of claim 25, wherein said subject real estate property is asingle family home.
 28. The method of claim 25, wherein said subjectreal estate property is a commercial property.
 29. The method of claim25, further comprising converting said location rating to an alphabeticscore.
 30. A method of calculating a market standard rent for a subjectrental property having an actual rent, said method comprising: selectingat least one rent-effecting characteristic generally associated withrental properties of a type similar to that of the subject rentalproperty and assigning to said at least one rent-effectingcharacteristic a monetary value; and adding said monetary value to saidactual rent to obtain a market standard rent.
 31. The method of claim30, wherein said monetary value has one of a positive and negativevalue.
 32. A method of calculating a market standard monetary value fora subject real estate property having an actual monetary value, saidmethod comprising: selecting at least one monetary value-effectingcharacteristic generally associated with real estate properties of atype similar to that of the subject real estate property and assigningto said at least one monetary value-effecting characteristic acharacteristic monetary value; and adding said characteristic monetaryvalue to said actual monetary value.
 33. The method of claim 32, whereinsaid characteristic monetary value has one of a positive and negativevalue.
 34. The method of claim 32, wherein said subject real estateproperty is an apartment complex.
 35. The method of claim 32, whereinsaid subject real estate property is a single family home.
 36. Themethod of claim 32, wherein said subject real estate property is acommercial property.
 37. An interactive, computer-implemented system forproviding a market standard monetary value for a subject real estateproperty, said system comprising: a database storing the identity of aplurality of real estate properties, an actual monetary value for eachof said plurality of real estate properties, a plurality of monetaryvalue-effecting characteristics generally associated with real estateproperties of a type similar to that of the subject real estateproperty, and a characteristics value for each of said plurality ofmonetary value-effecting characteristics, said characteristic valuehaving one of a positive and negative value; an interface system forenabling a user to input a request for a market standard monetary valuefor said subject real estate property, said request comprisinginformation sufficient to identify said subject real estate propertyfrom said plurality of real estate properties in said H database; aprocessor which uses at least one of said plurality of monetaryvalue-effecting characteristics and said characteristics value for saidat least one of said plurality of monetary value-effectingcharacteristics to obtain a market standard monetary value for saidsubject real estate property; and a delivery system for providing saidmarket standard monetary value to said user.
 38. The interactive,computer-implemented system of claim 37, wherein said processor isconfigured to select from said database each of said plurality ofmonetary value-effecting characteristics that are possessed by saidsubject real estate property and to add to said actual monetary value ofsaid subject real estate property said characteristics value for each ofsaid plurality of monetary value-effecting characteristics possessed bysaid subject real estate property.
 39. The interactive,computer-implemented system of claim 37, wherein said actual monetaryvalue is an actual sales price and said market standard monetary valueis a market standard sales price.
 40. The interactive,computer-implemented system of claim 37, wherein said actual monetaryvalue is an actual rental rate and said market standard monetary valueis a market standard rental rate.
 41. An interactive,computer-implemented system for providing a physical rating of a realestate property, said system comprising: a database storing: a pluralityof physical factors for each of a plurality of real estate properties, aweight indicator associated with each of said plurality of physicalfactors; and a factor score associated with each of said plurality ofphysical factors; an interface system for enabling a user to input arequest for a physical rating for one of said plurality of real estateproperties, said request comprising information sufficient to identifysaid one of said plurality of real estate properties in said database; aprocessor which uses said information to obtain a physical rating forsaid one of said plurality of real estate properties; and a deliverysystem for providing said physical rating to said user.
 42. Theinteractive, computer-implemented system of claim 41, wherein saidprocessor is configured to obtain said physical rating for said one ofsaid plurality of real estate properties by obtaining a total weightedscore based on said factor scores associated with each of said pluralityof physical factors of said one of said plurality of real estateproperties and said weight indicators associated with each of saidplurality of physical factors of said one of said plurality of realestate properties.
 43. The interactive, computer-implemented system ofclaim 42, wherein said processor is configured to obtain said totalweighted score by: multiplying each of said factor scores associatedwith each of said plurality of physical factors of said one of saidplurality of real estate properties by said weight indicator associatedwith said each of said plurality of physical factors to obtain aplurality of weighted factor scores; and summing said plurality ofweighted factor scores to obtain a total weighted score.
 44. Theinteractive, computer-implemented system of claim 43, wherein saidprocessor is configured to obtain said physical rating by summing saidweight indicators to obtain a total weight indicator and dividing saidtotal weighted score by said total weight indicator.
 45. Theinteractive, computer-implemented system of claim 41, wherein saidprocessor is further configured to convert said physical rating to analphabetic score.
 46. An interactive, computer-implemented system forproviding a location rating of a real estate property, said systemcomprising: a database storing: a plurality of location factors for eachof a plurality of real estate properties, a weight indicator associatedwith each of said plurality of location factors; and a factor scoreassociated with each of said plurality of location factors; an interfacesystem for enabling a user to input a request for a location rating forone of said plurality of real estate properties, said request comprisinginformation sufficient to identify said one of said plurality of realestate properties in said database; a processor which uses saidinformation to obtain a location rating for said one of said pluralityof real estate properties; and a delivery system for providing saidlocation rating to said user.
 47. The interactive, computer-implementedsystem of claim 46, wherein said processor is configured to obtain saidlocation rating for said one of said plurality of real estate propertiesby obtaining a total weighted score based on said factor scoresassociated with each of said plurality of location factors of said oneof said plurality of real estate properties and said weight indicatorsassociated with each of said plurality of location factors of said oneof said plurality of real estate properties.
 48. The interactive,computer-implemented system of claim 47, wherein said processor isconfigured to obtain said total weighted score by: multiplying each ofsaid factor scores associated with each of said plurality of locationfactors of said one of said plurality of real estate properties by saidweight indicator associated with said each of said plurality of locationfactors to obtain a plurality of weighted factor scores; and summingsaid plurality of weighted factor scores to obtain a total weightedscore.
 49. The interactive, computer-implemented system of claim 48,wherein said processor is configured to obtain said location rating bysumming said weight indicators to obtain a total weight indicator anddividing said total weighted score by said total weight indicator. 50.The interactive, computer-implemented system of claim 46, wherein saidprocessor is further configured to convert said location rating to analphabetic score.